Determining terminal concession durations in seaports: theoretical considerations, applicable techniques and current practices
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
The awarding of terminals to private operators is considered a prime task of landlord port authorities. Yet, terminal concessions in seaports have only recently gained interest in academic circles. The awarding process poses a complex set of managerial challenges to port authorities, one of the key issues being the determination of the duration of the concession. Despite the importance of the duration of terminal concessions in seaports, the issue has not received much attention in academic circles. Factors impacting on the duration of contracts, leases or concessions have, however, been studied extensively in other research areas, such as agriculture, coal contracts, franchising and natural gas. This paper uses insights from these academic studies to obtain a better understanding of the impact of concession duration on the stakeholders involved and relates them to empirical evidence on concession length in European seaports. The paper then proposes a classification scheme for the exogenous determination of concession duration, based on techniques developed for Public-Private-Partnerships in large infrastructure projects. In the last section the paper discusses the importance of concession durations to various stakeholders in seaports and illustrates these principles using a case study.
Abstract
The awarding of terminals to private operators is considered a prime task of landlord port authorities. Yet, terminal concessions in seaports have only recently gained interest in academic circles. The awarding process poses a complex set of managerial challenges to port authorities, one of the key issues being the determination of the duration of the concession. Despite the importance of the duration of terminal concessions in seaports, the issue has not received much attention in academic circles. Factors impacting on the duration of contracts, leases or concessions have, however, been studied extensively in other research areas, such as agriculture, coal contracts, franchising and natural gas. This paper uses insights from these academic studies to obtain a better understanding of the impact of concession duration on the stakeholders involved and relates them to empirical evidence on concession length in European seaports. The paper then proposes a classification scheme for the exogenous determination of concession duration, based on techniques developed for Public-Private-Partnerships in large infrastructure projects. In the last section the paper discusses the importance of concession durations to various stakeholders in seaports and illustrates these principles using a case study.
참고문헌 (41)
- Antwerp Port Authority, "Market Consultation: Saeftinghe Development Area" (2008), Antwerp
- Armitage, S., "The cost of capital. in: Intermediate theory" (2005), Cambridge University Press
- Bandiera, O., "Contract duration and investment incentives: evidence from land tenancy agreements", Journal of the European Economic Association, 5(5), pp.953~986 (2007)
- Procedures for dealing with optimism bias in transport planning, Guidance document, "British Department for Transport", 61~, pp.Report No. 58924 (2004)
- Cheung, S., "Transaction costs, risk aversion, and the choice of contractual arrangements", Journal of Law and Economics, 12, pp.23~42 (1969)
- Crocker, K.J., "Mitigating contractual hazards: unilateral options and contract length", RAND Journal of Economics, 19(3), pp.327~343 (1988)
- Demsetz, H., "Why regulate utilities?", Journal of Law and Economics, 11, pp.55~65 (1968)
- Dooms, M., "The financing structure of large-scale, seaport development projects: a comparative analysis of recently completed and planned projects in the European Union", Proceedings of the IAME 2006 Conference, Melbourne (2006)
- Drewry, "North European container ports. in: A ‘$2 billion plus’ industry adapts to change", pp.208~ (1998), Drewry Shipping Consultants
- Drewry, "Annual review of global container terminal operators", pp.118~ (2004), Drewry Shipping Consultants
- Engel, E.M.R.A., "Least-present-value-of-revenue auctions and highway franchising", Journal of Political E, 109(5), pp.993~1020 (2001)
- Engel, E.M.R.A., "How to auction a bottleneck monopoly when underhand vertical agreements are possible", Journal of Industrial Economics, 52(3), pp.427~455 (2004)
- European Commission, "Proposal for a Directive of the European Parliament and of the Council on market access to port services", pp.654~ (2004), COM
- FEPORT, "FEPORT Position paper presented at the public hearing of the European Parliament and the European Commission" (2005), FEPORT
- Ferrari, C., "Port concession fees based on the price-cap regulation. in: A DEA approach", Maritime Economics and Logistics, 11(1), pp.121~135 (2009)
- Flyvbjerg, B., "Underestimating costs in public works projects: error or lie?", APA Journal, 68(3), pp.279~295 (2002)
- Flyvbjerg, B., "How common and how large are cost overruns in transport infrastructure projects?", Transport Reviews, 23(1), pp.71~88 (2003)
- Flyvbjerg, B., "What causes cost overrun in transport infrastructure projects?", Transport Reviews, 24(1), pp.3~18 (2004)
- Guasch, J.L., "Granting and renegotiating infrastructure concessions. in: doing it right" (2004), World Bank
- Guasch, J.L., "Renegotiation of concession contracts in Latin America Evidence from the water – and transport sectors", International Journal of Industrial Organization, 26(4), pp.421~442 (2008)
- Hillier, F.S., "Introduction to operations research" (2005), McGraw-Hill
- Juan, C., "Concession agreements in the shipping industry, Real Options", Theory Meets Practice Conference Proceedings (2004)
- Kerkvliet, J., "The determinants of coal contract duration for the Powder River Basin", Journal of Institutional and Theoretical Economics, 157, pp.608~622 (2001)
- Ng, S.T., "A simulation model for optimizing the concession period of public-private partnership schemes", International Journal of Project Management, 25, pp.791~798 (2007)
- Ng, S.T., "A fuzzy simulation model for evaluating the concession items of public-private partnership schemes", Automation in Construction, 17, pp.221~29 (2007)
- Notteboom, T., "Concession agreements as port governance tools. in: Devolution, port governance and performance", pp.449~467 (2007), Elsevier
- Notteboom, T., "The awarding of seaport terminals in Europe. in: results from the ITMMA survey commissioned by ESPO", pp.28~ (2008), University of Antwerp
- Notteboom, T.E., "The economics behind the awarding of terminals in seaports: Economic issues in the pre-bidding phase", paper presented at the 2009 IFSPA Conference (2009)
- OECD, "Policy roundtable on concessions – background note" (2007), OECD
- Pallis, A.A., "Concession agreements and market entry in the container terminal industry", Maritime Economics & Logistics, 10(3), pp.209~228 (2008)
- Quiry, P., "Corporate finance. in: theory and practice", pp.1030~ (2005), John Wiley & Sons
- Salanié, B., "The economics of contracts" (1997), MIT Press
- Shen, L.Y., "Alternative concession model for build operate transfer contract projects", Journal of Construction Engineering and Management, 128(4), pp.626~330 (2002)
- Shen, L.Y., "Risk concession model for build operate transfer contract projects", Journal of Construction Engineering and Management, 131(2), pp.211~220 (2005)
- Shen, L.Y., "Using bargaining-game theory for negotiating concession period for BOT-type contract", Journal of Construction Engineering and Management, 133(5), pp.385~392 (2007)
- Theys, C., "The economics behind the awarding of terminals in seaports: towards a research agenda", Research in Transportation Economics (2010)
- Vázquez, L., "Determinants of contract length in franchise contracts", Economics Letters, 97, pp.145~150 (2007)
- Winston, W.L., "Operations research. in: applications and algorithms", pp.2004, Brooks
- Ye, S., "The effect of concession period design on completion risk management of BOT projects", Construction Management and Economics, 21, pp.471~482 (2003)
- Yoder, J., "Contract duration and the division of labor in agricultural land leases", Journal of Economic Behavior & Organization, 65, pp.714~733 (2008)
- Zhang, X., "Determining a reasonable concession period for private sector provision of public works and services", Canadian Journal of Civil Engineering, 33, pp.622~631 (2006)